Method and apparatus for educational financial planning

ABSTRACT

A method of managing loans is provided. The method includes electronically importing a loan portfolio of a user. A plurality of repayment options for the loan portfolio are then displayed to the user. The user is then able to provide input indicative of the choosing of one of the repayment options. The choices made by the user are then able to be automatically implemented.

PRIORITY

The present application is a divisional application of and claimspriority to U.S. patent application Ser. No. 12/613,117 (Publication2010/0131406) titled A METHOD FOR EDUCATIONAL FINANCIAL PLANNING filedNov. 5, 2009, which claims the benefit of U.S. Provisional ApplicationSer. No. 61/111,606, filed Nov. 5, 2008, the disclosures of which arehereby expressly incorporated by reference.

FIELD

The present disclosure relates to an apparatus and method for financialplanning in the realm of higher education. More particularly, thepresent disclosure is directed to an apparatus and method for receivinginformation from a user and providing graphical and/or interactive toolsallowing the user to understand various options for the financing ofhigher education.

BACKGROUND AND SUMMARY

The cost of secondary education has increased significantly in recentyears. As a consequence, many students apply for assistance in the formof financial aid and grants. Indeed, a student is likely to call onfinancial resources from a variety of sources. Determining how muchfunds are needed and determining the available funding sources are oftennot readily available in an easy to understand interface. Accordingly,students may be left with little or no plan as to how to fund education.

Additionally, once funding sources are found and evaluated, manyavailable calculators can show a student the expected monthly paymentfor any borrowed funds. However, many students are devoid of a referencepoint so as to be able to presently assess the affordability of suchfuture payments.

According to one embodiment of the present disclosure, a method ofmanaging loans is provided. The method includes electronically importinga loan portfolio of a user. A plurality of repayment options for theloan portfolio are then displayed to the user. The user is then able toprovide input indicative of the choosing of one of the repaymentoptions. The choices made by the user are then able to be automaticallyimplemented.

According to another embodiment of the present disclosure, a computerreadable medium containing non-transitory instructions thereon isprovided. When the instructions are interpreted by at least oneprocessor, the instructions cause the at least one processor toelectronically import a loan portfolio of a user; provide for thedisplay of a plurality of repayment options for the loan portfolio;receive input indicative of the choosing of one of the repayment optionsby a user; and automatically implement the chosen repayment option forthe user in response to receiving the input.

BRIEF DESCRIPTION OF THE DRAWINGS

The above mentioned and other features and objects of this disclosure,and the manner of attaining them, will become more apparent and thedisclosure itself will be better understood by reference to thefollowing description of an embodiment taken in conjunction with theaccompanying drawings, wherein:

FIG. 1 illustrates a starting page of a system that collects informationabout a user to create an educational financing plan;

FIG. 2 shows an introduction page for the system of FIG. 1;

FIG. 3 shows a page of the system of FIG. 1 where information about astudent is entered;

FIG. 4 shows the page of FIG. 3 with example information filled in;

FIG. 5 shows a page of the system of FIG. 1 where information about aneducational institution is entered, example information is filled in;

FIG. 6 shows a page of the system of FIG. 1 where a user has indicatedat the page of FIG. 5 that he/she is unsure as to the educationalinstitution;

FIG. 7 shows a page of the system of FIG. 1 where estimated costs andfees for an indicated institution are presented to the user;

FIG. 8 shows a page of the system of FIG. 1 where the estimated costsand fees of FIG. 7 are presented to the user as bar graphsrepresentative of each year of anticipated schooling;

FIG. 9 shows a page of the system of FIG. 1 where information abouteducational savings is entered;

FIG. 10 shows a page of the system of FIG. 1 where free educational aidsources and their amounts are entered;

FIG. 11 shows a page of the system of FIG. 1 where a summary ispresented of the values entered in the pages of FIGS. 9 & 10;

FIG. 12 shows a page of the system of FIG. 1 where the funding amountssummarized in FIG. 11 are graphically applied to the costs shown in FIG.8.

FIG. 13 shows a page of the system of FIG. 1 where details regardingparties who are available to potentially take out loans to finance theeducation;

FIG. 14 shows a page of the system of FIG. 1 where the amount of FederalLoans are configured;

FIG. 15 shows a page of the system of FIG. 1 where the Federal Loans ofFIG. 14 are graphically applied to the costs and other funding sourcesof FIG. 12;

FIG. 16 shows a page of the system of FIG. 1 where a user may choosefunding sources for any costs not met by previously identified fundingsources;

FIG. 17 shows a pop-up window of the system of FIG. 1 where informationregarding a private loan is entered;

FIG. 18 shows a page of the system of FIG. 1 where the funding sourcesidentified in FIG. 16 are graphically applied to the costs and otherfunding sources of FIG. 15;

FIGS. 19A&B show a pop-up window of the system of FIG. 1 whereinformation regarding existing student loans is entered;

FIG. 20 shows a page of the system of FIG. 1 where a loan repaymentcalculation is presented based upon the previously identified fundingsources;

FIG. 21 shows a page of the system of FIG. 1 where the loan repaymentcalculation of FIG. 20 is compared with an expected income of thestudent that results in a determination of low risk;

FIG. 22 shows a page of the system of FIG. 1 where the loan repaymentcalculation of FIG. 20 is compared with an expected income of thestudent that results in a determination of medium risk;

FIG. 23 shows a page of the system of FIG. 1 where the loan repaymentcalculation of FIG. 20 is compared with an expected income of thestudent that results in a determination of high risk;

FIG. 24 shows a page of the system of FIG. 1 where summaries of multipleeducational funding plans can be viewed and selected;

FIG. 25 shows a page of the system of FIG. 1 where the user is able tostart a new educational financing plan;

FIG. 26 shows a page of the system of FIG. 1 where a more detailedsummary of an educational financing plan is displayed;

FIGS. 27 A&B show a pop-up window of the system of FIG. 1 where a userenters information for registering with the site;

FIG. 28 shows a pop-up window of the system of FIG. 1 where a user savesa created educational financing plan;

FIGS. 29 A&B show a pop-up window of the system of FIG. 1 where a userenters information for sharing a educational financing plan with others;

FIG. 30 shows a page of the system of FIG. 1 where a second useridentified via the page of FIG. 29 is authenticated to allow viewing ofa shared educational financing plan

FIG. 31 shows a page of the system of FIG. 1 where the user is able tostart an educational savings plan;

FIG. 32 is a second view of the page of FIG. 31;

FIG. 33 is a page of the system of FIG. 1 where the user is presentedwith comparisons of the user's funding plan to funding plans of anaverage family;

FIG. 34 is a page of the system of FIG. 1 where the user is able todownload information from an actual financial aid award letter andchoose to integrate that information into a funding plan;

FIG. 35 is a page of the system of FIG. 1 where the user is able tocompare financial aspects of multiple educational options; and

FIG. 36 is a page of the system of FIG. 1 where the user is able toadjust re-payment options and consider the options as they relate to theuser's income and expenses.

Corresponding reference characters indicate corresponding partsthroughout the several views. Although the drawings representembodiments of the present disclosure, the drawings are not necessarilyto scale and certain features may be exaggerated in order to betterillustrate and explain the present disclosure. The exemplification setout herein illustrates an embodiment of the disclosure, in one form, andsuch exemplifications are not to be construed as limiting the scope ofthe disclosure in any manner.

DETAILED DESCRIPTION

The present disclosure is related to an apparatus and a method foreducational financial planning The embodiment disclosed below is notintended to be exhaustive or limit the disclosure to the precise formdisclosed in the following detailed description. Rather, the embodimentis chosen and described so that others skilled in the art may utilizeits teachings. It should be appreciated that while the below descriptionand figures refer to and depict an exemplary user interface and a set offeatures, the below described example is not intended to limit theclaims that follow. Indeed, one skilled in the art readily understandsthat modifications may be made to the below described system and stillbe understood to fall within the spirit and scope of the presentdisclosure.

The detailed descriptions which follow are presented in part in terms ofalgorithms and symbolic representations of operations on data bitswithin a computer memory representing alphanumeric characters or otherinformation. These descriptions and representations are the means usedby those skilled in the art of data processing arts to most effectivelyconvey the substance of their work to others skilled in the art.

An algorithm is here, and generally, conceived to be a self-consistentsequence of steps leading to a desired result. These steps are thoserequiring physical manipulations of physical quantities. Usually, thoughnot necessarily, these quantities take the form of electrical ormagnetic signals capable of being stored, transferred, combined,compared, and otherwise manipulated. It proves convenient at times,principally for reasons of common usage, to refer to these signals asbits, values, symbols, characters, display data, terms, numbers, or thelike. It should be borne in mind, however, that all of these and similarterms are to be associated with the appropriate physical quantities andare merely used here as convenient labels applied to these quantities.

Some algorithms may use data structures for both inputting informationand producing the desired result. Data structures greatly facilitatedata management by data processing systems, and are not accessibleexcept through sophisticated software systems. Data structures are notthe information content of a memory, rather they represent specificelectronic structural elements which impart a physical organization onthe information stored in memory. More than mere abstraction, the datastructures are specific electrical or magnetic structural elements inmemory which simultaneously represent complex data accurately andprovide increased efficiency in computer operation.

Further, the manipulations performed are often referred to in terms,such as comparing or adding, commonly associated with mental operationsperformed by a human operator. No such capability of a human operator isnecessary, or desirable in most cases, in any of the operationsdescribed herein which form part of the present disclosure; theoperations are machine operations. Useful machines for performing theoperations of the present disclosure include general purpose digitalcomputers or other similar devices. In all cases the distinction betweenthe method operations in operating a computer and the method ofcomputation itself should be recognized. The present disclosure relatesto a method and apparatus for operating a computer in processingelectrical or other (e.g., mechanical, chemical) physical signals togenerate other desired physical signals.

The present disclosure also relates to an apparatus for performing theseoperations. This apparatus may be specifically constructed for therequired purposes or it may comprise a general purpose computer asselectively activated or reconfigured by a computer program stored inthe computer. The algorithms presented herein are not inherently relatedto any particular computer or other apparatus. In particular, variousgeneral purpose machines may be used with programs written in accordancewith the teachings herein, or it may prove more convenient to constructmore specialized apparatus to perform the required method steps. Therequired structure for a variety of these machines will appear from thedescription below.

The present disclosure deals with “object-oriented” software, andparticularly with an “object-oriented” operating system. The“object-oriented” software is organized into “objects”, each comprisinga block of computer instructions describing various procedures(“methods”) to be performed in response to “messages” sent to the objector “events” which occur with the object. Such operations include, forexample, the manipulation of variables, the activation of an object byan external event, and the transmission of one or more messages to otherobjects.

Messages are sent and received between objects having certain functionsand knowledge to carry out processes. Messages are generated in responseto user instructions, for example, by a user activating an icon with a“mouse” pointer generating an event. Also, messages may be generated byan object in response to the receipt of a message. When one of theobjects receives a message, the object carries out an operation (amessage procedure) corresponding to the message and, if necessary,returns a result of the operation. Each object has a region whereinternal states (instance variables) of the object itself are stored andwhere the other objects are not allowed to access. One feature of theobject-oriented system is inheritance. For example, an object fordrawing a “circle” on a display may inherit functions and knowledge fromanother object for drawing a “shape” on a display.

A programmer “programs” in an object-oriented programming language bywriting individual blocks of code each of which creates an object bydefining its methods. A collection of such objects adapted tocommunicate with one another by means of messages comprises anobject-oriented program. Object-oriented computer programmingfacilitates the modeling of interactive systems in that each componentof the system can be modeled with an object, the behavior of eachcomponent being simulated by the methods of its corresponding object,and the interactions between components being simulated by messagestransmitted between objects.

An operator may stimulate a collection of interrelated objectscomprising an object-oriented program by sending a message to one of theobjects. The receipt of the message may cause the object to respond bycarrying out predetermined functions which may include sendingadditional messages to one or more other objects. The other objects mayin turn carry out additional functions in response to the messages theyreceive, including sending still more messages. In this manner,sequences of message and response may continue indefinitely or may cometo an end when all messages have been responded to and no new messagesare being sent. When modeling systems utilizing an object-orientedlanguage, a programmer need only think in terms of how each component ofa modeled system responds to a stimulus and not in terms of the sequenceof operations to be performed in response to some stimulus. Suchsequence of operations naturally flows out of the interactions betweenthe objects in response to the stimulus and need not be preordained bythe programmer.

Although object-oriented programming makes simulation of systems ofinterrelated components more intuitive, the operation of anobject-oriented program is often difficult to understand because thesequence of operations carried out by an object-oriented program isusually not immediately apparent from a software listing as in the casefor sequentially organized programs. Nor is it easy to determine how anobject-oriented program works through observation of the readilyapparent manifestations of its operation. Most of the operations carriedout by a computer in response to a program are “invisible” to anobserver since only a relatively few steps in a program typicallyproduce an observable computer output.

In the following description, several terms which are used frequentlyhave specialized meanings in the present context. The term “object”relates to a set of computer instructions and associated data which canbe activated directly or indirectly by the user. The terms “windowingenvironment”, “running in windows”, and “object oriented operatingsystem” are used to denote a computer user interface in whichinformation is manipulated and displayed on a video display such aswithin bounded regions on a raster scanned video display. The terms“network”, “local area network”, “LAN”, “wide area network”, or “WAN”mean two or more computers which are connected in such a manner thatmessages may be transmitted between the computers. In such computernetworks, typically one or more computers operate as a “server”, acomputer with large storage devices such as hard disk drives andcommunication hardware to operate peripheral devices such as printers ormodems. Other computers, termed “workstations”, provide a user interfaceso that users of computer networks can access the network resources,such as shared data files, common peripheral devices, andinter-workstation communication. Users activate computer programs ornetwork resources to create “processes” which include both the generaloperation of the computer program along with specific operatingcharacteristics determined by input variables and its environment.

The terms “desktop”, “personal desktop facility”, and “PDF” mean aspecific user interface which presents a menu or display of objects withassociated settings for the user associated with the desktop, personaldesktop facility, or PDF. When the PDF accesses a network resource,which typically requires an application program to execute on the remoteserver, the PDF calls an Application Program Interface, or “API”, toallow the user to provide commands to the network resource and observeany output. The term “Browser” refers to a program which is notnecessarily apparent to the user, but which is responsible fortransmitting messages between the PDF and the network server and fordisplaying and interacting with the network user. Browsers are designedto utilize a communications protocol for transmission of text andgraphic information over a world wide network of computers, namely the“World Wide Web” or simply the “Web”. Examples of Browsers compatiblewith the present disclosure include the Internet Explorer program soldby Microsoft Corporation (Internet Explorer is a trademark of MicrosoftCorporation), the Opera Browser program created by Opera Software ASA,or the Firefox browser program distributed by the Mozilla Foundation(Firefox is a registered trademark of the Mozilla Foundation). Althoughthe following description details such operations in terms of a graphicuser interface of a Browser, the present disclosure may be practicedwith text based interfaces, or even with voice or visually activatedinterfaces, that have many of the functions of a graphic based Browser.

Browsers display information which is formatted in a StandardGeneralized Markup Language (“SGML”) or a HyperText Markup Language(“HTML”), both being scripting languages which embed non-visual codes ina text document through the use of special ASCII text codes. Files inthese formats may be easily transmitted across computer networks,including global information networks like the Internet, and allow theBrowsers to display text, images, and play audio and video recordings.The Web utilizes these data file formats to conjunction with itscommunication protocol to transmit such information between servers andworkstations. Browsers may also be programmed to display informationprovided in an eXtensible Markup Language (“XML”) file, with XML filesbeing capable of use with several Document Type Definitions (“DTD”) andthus more general in nature than SGML or HTML. The XML file may beanalogized to an object, as the data and the stylesheet formatting areseparately contained (formatting may be thought of as methods ofdisplaying information, thus an XML file has data and an associatedmethod). Applets, small source code programs in a browser understandableprogramming language (for example, the Java programming language), mayalso be included in the web pages supplied to browsers. Web pagestypically include one or more of these various files that the browserinterprets and presents to the user.

The terms “personal digital assistant” or “PDA”, as defined above, meansany handheld, mobile device that combines computing, telephone, fax,e-mail and networking features. The terms “wireless wide area network”or “WWAN” mean a wireless network that serves as the medium for thetransmission of data between a handheld device and a computer. The term“synchronization” means the exchanging of information between a handhelddevice and a desktop computer either via wires or wirelessly.Synchronization ensures that the data on both the handheld device andthe desktop computer are identical.

In wireless wide area networks, communication primarily occurs throughthe transmission of radio signals over analog, digital cellular, orpersonal communications service (“PCS”) networks. Signals may also betransmitted through microwaves and other electromagnetic waves. At thepresent time, most wireless data communication takes place acrosscellular systems using second generation technology such ascode-division multiple access (“CDMA”), time division multiple access(“TDMA”), the Global System for Mobile Communications (“GSM”), personaldigital cellular (“PDC”), or through packet-data technology over analogsystems such as cellular digital packet data (CDPD”) used on the AdvanceMobile Phone Service (“AMPS”).

The terms “wireless application protocol” or “WAP” mean a universalspecification to facilitate the delivery and presentation of web-baseddata on handheld and mobile devices with small user interfaces.

Referring now to the drawings, FIG. 1 illustrates starting web page 12of website 10. Website 10 is a collection of a plurality of web pages,including web page 12. While this exemplary embodiment is described as aweb based system, systems utilizing dedicated software and/or standalonemachines may alternatively be implemented. Such a web based system usesa server computer (not shown) and a user computer or other device (notshown). The server computer is connected to a network, for example, theWorld Wide Web and responds to queries from user computers. The servereither stores or is able to retrieve or build various webpages to besent to the multiple user computers that are likewise coupled to thenetwork. Accordingly, the server transmits HTML code or other web pagefiles for the below described web pages to the user computer. The usercomputer has a browser program which may be proprietary software usedonly for interacting with the server, or may be a more generic browsercapable of viewing many different websites and interacting with multipleservers. Alternatively, instead of a user computer, a wireless devicesuch as a PDA or smart phone may be used to receive the web pages andinteract with the user. For stand-alone implementations, a singlecomputer has access to both the information of the server and thegraphic files for the user interface, and the interaction capability ofsimilar to that of a browser. In other embodiments not describedotherwise herein, a combination of local software and network assessibleresources may be combined to provide the full functionality similar tothe web-based system.

Web page 12, FIG. 1, provides a starting point for both new andreturning visitors. Drop-down box 14 allows a new user or a returninguser who has not previously created a login ID to start the process ofreceiving educational financial planning information. Drop-down box 14allows the user to identify him/herself as a Student, Parent/Guardian,or “other” and then press start button 18 to continue. Link 16 isprovided for returning users who have saved information from a previoussession to resume the previous session and/or access previously inputdata and previous results. Link 16 takes users to a screen where a loginand password are requested to identify and verify the identity of theuser. Returning users are able to pickup the below described process atthe any point where they previously left off. Additionally, returningusers are able to revisit previously completed parts of the belowdescribed process and change previously entered data and view previouslyviewed pages. Additionally, although not shown, starting page 12 mayalso include a link to be followed by individuals who are currentlyrepaying loans.

Website 10 groups webpages (12, et al.) into four main categories,Student Information (FIG. 2, tab 22), School Costs 24, How To Pay 26,and Loan Repayment 28. Use of drop-down box 14 and start button 18 takesthe user to an introduction that begins a data acquisition phase withinStudent Information tab 22. Animated application overview 21, orintroduction, is first presented to the user. The user is also presentedwith button 23 that allows skipping of introduction/overview 21.

At the conclusion of overview/introduction 21, either by watching it allor use of button 23, the user is presented with information webpage 30of FIG. 3. The user is then asked to enter the student's current status31, the degree the student is pursuing 32, the student's state ofresidence 33, the student's citizenship status 34, and where the studentis in the planning process 35. With respect to student's current status31, the user is presented with choices that include High SchoolFreshman, High School Sophmore, High School Junior, High School Senior,Community College 1st year, Community College 2nd year, Communitycollege 3 or more years, College or University 1st year, College orUniversity 2nd year, College or University 3rd year, College orUniversity 4th year, College or University 5th year or more, GraduateStudent, Not currently enrolled, and Other. Once all the requestedinformation is input, such as shown in FIG. 4, the user selects button36 to continue.

Selection of button 36 takes the user to webpage 50, shown filled in atFIG. 5, that is part of school costs tab 24. Webpage 50 asks the user toinput the location of the desired school 51 and then assists the user inentering the name of the school 52 through the use of an auto-completefunction with the schools having a matching location as identified at51. Webpage 50 also gathers information regarding expected enrollmentstatus 53, start date 54, expected years for completion 55, and expectedcourse of study 56. If the user is undecided on a particular school, butwould like to continue to receive more general information, link 57 isprovided to webpage 60, shown in FIG. 6. Webpage 60 collects informationsuch as school type 61, resident status 62, enrollment status 63, startdate 64, number of years attending school 65, and expected course ofstudy 66. Both webpages 50, 60 include button 58, 68 that is selected tocontinue within the system.

FIG. 7 shows webpage 70 that is displayed when button 58 is selected.Webpage 70 accesses a database of estimated or known educational costs(not shown). The database can be coupled to the server, coupled to adifferent server, or in the memory of the user's computer. Some values,such as Tuition and Fees 71 and Additional Annual Fees for Full-TimeStudents 73 are populated from the database and not able to be adjustedby the user. Other values, such as Average Annual Room & Board 72 andAverage Annual Cost of Books & Supplies 74 are pre-populated but able tobe adjusted by the user. Button 75 is provided to allow selectiveresetting of any user-changed values to their pre-populated estimates.Total 77 of values 71, 72, 73, 74 is provided as well as button 76 thatis selected to continue within the system.

Selection of button 76 directs the user to webpage 80 shown in FIG. 8.Webpage 80 shows the estimated costs for each of four expected yearsbased upon the indication of four years of schooling 55 on webpage 50.It should be appreciated that if five years was indicated on webpage 50,that webpage 80 would display five years worth of financial data. Eachyear is displayed as a bar graph-type cost bar 81, 82, 83, 84 showingthe expected costs relative to the other years. Each cost bar 81, 82,83, 84 is topped off with the dollar value that the bar indicates. Eachvalue has expansion icon 85 next to the value. A mouse-over or clickupon expansion icon 85 provides a text bubble or window showing theconstituent parts of the value, such as values 71, 72, 73, 74. At thispoint, each bar is shown in a color/pattern 86 shown in the upper rightcorner to indicate that no funding source has yet been identified tocover these costs. Additionally, the left side of the screen shows thetotal amount for all four years and the identified funding sourcestherefor, which at this point are non-existent. Thus, the left side ofthe screen indicates that the entire amount is remaining to be funded.Button 87 is provided to continue within the system as well as button 88that allows a user to save the input information for later use.

Selection of button 88 takes the user to webpage 90 of how to paysection 26, shown in FIG. 9. Webpage 90 provides locations to input eachof Parent Cash & Savings 91, Student Cash & Savings 92, 529 Saving PlanFunds 93, and Other sources 94. Webpage 90 further provides total 99 forall the entered savings amounts. Webpage 90 also includes locations 95,96 to input expected current and future income sources that can be usedto pay educational expenses including funds from parents/family 95 andthose from the student 96. Webpage 90 provides total 109 for all incomesources. Along the right side of webpage 90 a description of a suggestedsavings vehicle 97 or otherwise is provided. Once fields 91-96 arecompleted, the user selects button 98 to continue.

Selection of button 98 takes the user to webpage 100 of FIG. 10. Webpage100 provides locations 101-104 to input various scholarships and grants(state, school, other, and Federal) that will go towards educationalexpenses. Webpage 12 provides sum 105 of grants 101-104 and alsoprovides link 106 to allow the user to search for grants. Once ready,the user selects button 108 to continue.

Selection of button 108 takes the user to webpage 110 of FIG. 11.Webpage 110 provides a summary of the previously entered fundingsources. The user is able to edit any desired funding source through useof buttons 111 which when activated returns the user to web page 100.The user is able to scroll down the page to view a total contribution(not shown) and a button (not shown) that allows the user to continue inthe system. The right side of page 110 provides a description and link112 for a college payment program for which the user may choose toobtain more information.

Selection of the continuation button 114 takes the user to webpage 120of FIG. 12. Webpage 120 is similar to webpage 80. Webpage 120 furtherincludes an overlay of bars 121 indicating the personal contributionsfor each educational year in relation to the costs (bars 81, 82, 83, 84)associated with that year. The overlay gives the user a graphicalrepresentation of the amount of the costs that will be taken care ofthrough personal contributions and grants. The overlay also shows theamount of the costs that still must have a funding source located whichis still shown in color/pattern 86. Bars 121 also include text thatindicate the dollar amount represented by bars 121. Beside each textdollar amount is expansion icon 125. As with expansion icon 85, amouse-over or clicking of expansion icon 125 provides a pop up bubble orwindow that shows the dollar amounts and sources that are being combinedto arrive at the amount shown. Similarly to the updated bars, theFinancial summary 126 is updated to include the newly added personalcontributions. Toward the upper right corner, the user can chose to viewthe cost and source values as a table rather than as a graph, althoughsuch a display is not shown. Again, webpage 120 provides button 122 tocontinue and button 123 to save and return later.

Selecting button 122 takes the user to webpage 130 shown in FIG. 13 thatbegins the process of estimating available Federal Loans. Webpage 130asks three questions 132, “Will anyone claim the student as a dependentduring their years in college?,” “Will a parent or guardian of thestudent be willing to take out a loan in their own name to help pay forthe education?,” and “Will a parent or other adult be willing to co-signon a loan for the student?” Radio buttons 131 are provided for answeringthe three questions. Once the questions are answered, the user selectsbutton 134 to continue. It should be noted that an answer of “no” toeither the second or third question will result in later questionsregarding the parents to be omitted.

Selection of button 134 takes the user to webpage 140 shown in FIG. 14.Webpage 140 allows for input of an expected amount of Stafford and otherfederal loans. Link 145 directs the user to the eligibility limitationsfor Stafford Loans. The amount of need-based student federal loans anaverage student at the chosen institution receives is pre-populated bytype into the appropriate fields: Stafford Loans 141 and other FederalLoans 143. Furthermore, the system has a link with the loan eligibilityservice, and assesses the link providing the school and program the userintends to attend. The loan eligibility service responds with thoseloans the user is eligible for, a suggested priority of the loan, andthe limits of the loans. Federal Stafford Loan limits are dependent uponthe class year of the student, the dependent/independent status of thestudent, and whether the student is in undergrad or a graduate program.The user may change the pre-populated values to reflect a desire to takeless than the full allowed amount. Again, button 144 is selected tocontinue with the process.

Button 144 takes the user back to bar graph webpage 150, that is similarin configuration to webpages 80, 120. The contribution of the Federalloans derived from webpage 140 is graphically added as bars 151 intocost bars 81, 82, 83, 84 to further “fill” them up, resulting in less“unfunded” area shown in color/pattern 86. The Federal loancontributions 151 are shown on top of the personal contributions 152.Similarly, Summary 155 is updated to reflect the Federal Loancontribution. Button 154 is provided to continue with the process, withbutton 156 being provided to allow for saving the current data.

Selection of button 154 takes the user to webpage 160. Webpage 160presents the user with options regarding PLUS loans and private loans.Webpage 160 provides link 161 to information regarding these options.Webpage 160 also provides slider 162 that allows the user to customizethe allocation of the remaining need (“cost”−“personalcontribution”−“Federal Loans”=remaining need) between PLUS loans andprivate loans. Once chosen, button 163 is selected to continue with theprocess. If PLUS loans are not available, the user is presented with aslider that only allows private loans to be chosen.

If some private loans are selected, pop-up window 170 appears as shownin FIG. 17. Window 170 asks who is applying for the loans at 171;parents, student, or both. Window 170 further inquires as to the debtassumption percentages for each applying party at 172. Once entered,button 173 is selected to continue with the private loan process.

Selection of button 173 takes the user to bar graph webpage 180 that issimilar in configuration to webpages 80, 120, 150. The contributions ofthe PLUS loans (if included) and private loans derived from webpage 160is graphically added as bars 181, 182 into cost bars 81, 82, 83, 84 tofurther “fill” them up resulting in no area remaining having the“unfunded” color/pattern 86. The PLUS loan and private loancontributions 181, 182 are shown on top of the personal contributions152 and Federal loans 151. Similarly, summary 175 is updated to reflectthe PLUS loan and private loan contributions.

At this point, although it could have come at a previous point, theeducational costs 81, 82, 83, 84 are fully funded. Webpage 180 notesthat “Your plan is complete! You have 3 options for what you can do withyour plan:.” Three buttons 183, 184, 185 are presented; Share Plan WithOthers 183, Save Your Plan 184, Print Your Plan 185. Furthermore, button186 is provided that invites the user to learn about or apply for loans.Additionally, the summary on the left provides total estimated studentmonthly payments 187, total estimated parent monthly payments 188,estimated total monthly loan payments 189, and button 191 that providesfor reviewing of loan repayment details. Additionally, it should benoted that each of upper navigation buttons 41-46 are now in full coloras opposed to some being faded previously to indicate that they were notavailable to be chosen.

Upper navigation buttons 41-46 allow the user to select options for theuser. Button 41 is titled “View My Plans” and takes a user to thewebpages that have been heretofore discussed. Button 42 is titled “SavePlan” and allows the user to save his/her progress. Button describedwebpages. Button 43 is titled “Share Plan” and upon selection, takes theuser to webpage 270, FIG. 27A, discussed further below, that allows theuser to share the created plan with others. Button 44 is titled “DeletePlan” and upon selection removes the currently accessed completed planor any work performed toward creating the currently accessed plan.Button 45 is titled “Print Plan” and upon selection, sends instructionsto a printer to create a hardcopy of the currently accessed plan. Button46 is titled “Create New Plan” and upon selection takes the user towebpage 30 or other desired starting point.

Selection of prepayment button 191 brings up window 190, FIG. 19A, thatasks “Do you have existing student loans?” The user answers the questionusing radio buttons 192 and selects button 193 to continue. If “Yes” isselected, window 190 expands as shown in FIG. 19B. The user is thenasked to input information regarding the existing student loansincluding provider 194, repayment start date 195, loan amount 196,repayment term 197, and interest rate 198. Spaces are provided to inputinformation regarding two existing loans. Furthermore, link 199 isprovided to add additional existing loan information. Once completed,the user selects button 201 to continue.

Selection of button 201 takes the user to webpage 200 (FIG. 20) that ispart of Loan Repayment section 28. Similarly, selection of button 193with “No” selected in radio buttons 192 also takes user to webpage 200.Example webpage 200 results from indicating no previously existingstudent loans. Webpage 200 indicates that a standard repayment plan isbeing used at 202. The user may choose between views of repaymentpost-graduation or repayment while attending school at 203. Pie graph204 separates the debt between the student and parents and alsodifferentiates the amounts being paid for each of the component loans.Webpage 200 further includes a button (not shown) to progress to webpage210.

Webpage 210, FIG. 21, is “Debt to Income Ratio Analysis” tab 211 that ispartially visible on webpage 200. Webpage 210 begins to present the userwith context in which to consider the amount of debt that the student istaking on in relation to their ability to repay the debt. To this end,the previously estimated monthly loan payment is compared to an expectedjob salary. The student's estimated annual salary after graduation isentered into box 212. In one embodiment, box 212 may be pre-populatedwith a value that is correlated to the area of study entered on webpage50, or alternatively may be populated by the user. Additionalinformation such as the school attended may also be factored into thepre-populated estimate value in box 212. A pre-populated value in box212 may be fixed or may be present as a suggestion that is changeable bythe user. Webpage 210 takes the value in box 212 and divides by 12 toarrive at a monthly gross income. This monthly gross income is thencompared to the previously determined estimate of loan payments. Oncethe comparison is performed, the student is classified for the risklevel associated with the debt level, for example, either being highrisk, medium risk, or low risk of defaulting or otherwise encounteringdifficulty repaying the loan. A student with loan payments that are lessthan 10% of the monthly gross income is classified as low risk 213 (FIG.21). A student with loan payments that are between 11% and 20% (orgreater than 10% and less than 20%) of the monthly gross income isclassified as medium risk 214 (FIG. 22). A student with loan paymentsthat are greater than 20% of the monthly gross income is classified ashigh risk 215 (FIG. 23). Although not shown, scrolling down on webpage210 reveals buttons 183, 184, 185 shown in FIG. 18.

Selection of “View My Plans” button 41 at any point takes the user towebpage 240, FIG. 24. Webpage 240 displays all previously worked onplans 241, 242, 243 including completed plans 241, 242 and uncompletedplans 243. Completed plans 241, 242 are shown with a results summary 244and information regarding plan creation and revision 245. Links are alsoprovided that allow viewing of more detailed results 246, changing orediting the plan 247, sharing the plan with others 248, printing plan249, and deleting plan 251. Uncompleted plans 243 likewise includesummary 244 of needed information, information regarding plan creationand revision 245, and links to more detailed results 246, to changing orediting the plan 247, and for deleting plan 251. Links are not providedfor sharing or printing unfinished plans 243 in that plans 243 are notcompleted.

Selection of button 46, button 252, or any other location of a “CreateNew Plan” button takes the user to pop-up window 250, FIG. 25. Window250 provides the user with the option to use a previously created planas a starting point for the new plan or to start from scratch. If theuser chooses to start from a previously created plan, the user is takento webpage 30, or another point in the process if desired, where thefields of webpage 30 are pre-populated with information provided duringthe creation of the plan chosen as the starting point. If the userchooses to start from scratch, the user is taken to webpage 30, oranother point in the process if desired, without pre-populated fields.

Selection of button 45, link 249, or any other “Print Plan” button orlink takes the user to pop-up window 260, FIG. 26. Window 260 provides areport and a button (not shown) to send the report to a printer (notshown).

If the user has not logged in or does not have a log in, selection ofbutton 43, link 248, or any other “Share Plan” button or link takes theuser to pop-up window 270, FIGS. 27A&B. Window 270 provides registrationfor the user. A link for users who have already registered, but notlogged in, is also provided (not shown).

Upon selection of button 271 when registration is complete, or loggingin after choosing to “Share Plan, ” as appropriate, the user is taken towebpage 280, FIG. 28 if the plan has not previously been saved, and towebpage 290, FIG. 29 A&B if the webpage has been previously saved.

Webpage 280 allows the user to save the plan under a custom name.Webpage 280 also provides tips on naming the plan. Webpage 290 providesa form for identifying individuals with whom the plan should be shared.The user is asked to enter the name 291, and e-mail address 292 of theindividuals with whom the plan is to be shared. The user is furtherasked to select a secret question 293 and answer 294 that would be knownto the individuals with whom plan sharing is desired. The user is alsopermitted to enter a personal message 295 that will be sent as part ofan e-mail to the identified individuals. Once all information isentered, the user selects button 296 to send out an e-mail to theidentified individuals that contains personal message 295 and a URL thatallows the recipient to retrieve the shared plan.

Individuals who receive and follow the URL in the sent e-mail land atwebpage 300, FIG. 30. Webpage 300 displays question 301 that waspreviously selected at 293 and requires the individual to enter theanswer supplied at 294 in box 302. Successful answering of the questionallows the individual to review the plan created by the user.

Accordingly, the above described system provides a method of assemblingan educational financing package, determining a monthly payment basedupon the assembled financing package for repayment of any loans that arepart of the educational financing package, obtaining an estimate ofincome during the period when repayment would be occurring, comparingthe income estimate to the determined monthly payment, and thenassigning a risk level or tier based upon the income to monthly paymentcomparison.

Additionally, the above described system provides for assembling afinancial package based on a completion schedule of differing lengths,including a five-year track. The estimation of income during therepayment period is at least partially based on the student's indicatedcourse of study although other factors may be used and the user mayprovide input to alter the estimation of income.

The above described web-pages download modules to the user's computer.Computations are conducted on the user's computer via the modules.Accordingly, a webserver (not shown) that serves the webpages (12 et al)is not burdened with such computations.

The above described system presents an iterative approach to funding,with one funding source being fully explored before the next iterationthat presents a different funding source/type. The provided exampleapplies savings and income 121 as the first component of funding, inthat maximizing the contribution of savings and income 121 minimizesexpected loan payments. However, financing plans may be created wheresavings and income 121 are not exhausted and increased loans areassumed. Furthermore, the provided examples apply savings and income 121evenly across each school year. However, financing plans may be createdwhere a non-equal distribution of savings and income 121, such as beingapplied completely to first year 81 before being applied to second year82 and before loan assumption, is utilized.

It should be appreciated that the system provides a graphicalrepresentation of the educational costs 81-84 and the funding sources121, 151, 152, 181, 182 therefor. Additionally, each of costs 81-84 andsources 121, 151, 152, 181, 182 is displayed as a shape having an areathat is substantially correlated to the dollar values it represents.

The exemplary embodiment allows saving up to six different plans thatmix schools and mix funding sources, however, it should be appreciatedthat systems allowing more and less plan saving may be optionallyimplemented. Additionally, embodiments may be optionally implementedwhere a user may request repayment plans that provide the minimummonthly payment and/or the quickest payoff. Similarly, the user mayrequest the minimum monthly payment and/or the quickest payoff possiblewhile still staying within a desired risk level/tier, such as findingthe quickest payoff plan while still remaining in the low risk level.

Additionally, the present system provides an interface for planning andestimating savings, parental or student, and allows the user to see theeffects over time of different savings parameters. As discussed earlier,parental savings 91 and student savings 92 are entered as shown in FIG.9 and later used as shown in FIG. 11 and otherwise. A savings planner400 is shown in FIGS. 31-34. Planner 400 allows a user to input thenumber of children for which he/she is planning the funding of college.The funding particulars for each child are organized by each havingtheir own tab 402, 404. Additional children and tabs are added byselecting to “add another child” link 406. The user inputs the child'sname 408, state of residence 410, birth month 412, and birth year 414.The birth month 412 and birth year 414 are used to provide an estimatedcollege start year based on typical school birth date cutoffs. Thecollege start year is shown in a cell (not shown). The estimated collegestart year can be manually changed to reflect students that have beenheld-back or skipped grades.

The user then selects the school type 416, choosing from “privateassociates,” “public associates,” “private bachelors,” and “publicbachelors.” The user also selects the “attendance type” 418 of in stateor out of state. The selection of school type 416 and attendance type418 brings up a box showing the projected total cost of education 419.This box is pre-populated with an estimated total college cost thattakes into consideration the school type 416, attendance type 418, andthe college start year. However, the user may enter a different number,if desired, such as a number obtained from webpage 80. Accordingly, if amore precise and specialized estimate of educational costs is known,such estimate can be used. The entered or pre-populated estimate isdisplayed on the right side as the projected total cost of education inthe college start year 420.

The user is then able to input his/her education savings to date 422,future savings (monthly amount) 424, and estimated savings rate ofreturn 426. These numbers 422, 424, 426 are then used to compute a totalprojected savings 428. The total projected savings 428 is overlaid inbar format on the projected total cost 420. Similarly, the user inputsthe monthly amount that he/she expects to contribute during school 430.This amount is likewise summed up and overlaid on the projected totalcost 420. Once all entries are filled, the user can choose to view planresults 432.

Viewing the plan results involves webpage 434, shown in FIG. 33. Theplan results allow the user to compare the created funding plan to thefunding of the average American family 436. The data for the “averageAmerican family” is taken from Sallie Mae's How America Pays for Collegesurvey conducted by Gallup. The user is also presented with the option,buttons 438, to include the average school-based scholarship and grantamount for their selected school type in their funding plan. Again, abox 440 is provided with the average grant amount and the amount is ableto be changed by the user. This amount is then overlaid onto the plan toprovide a graphical representation of the total college costs and thefunding sources 442.

Another feature related to webpage 140, FIG. 14, is in webpage 340 shownin FIG. 34. Whereas webpage 140 allows for input of an expected amountof Stafford and other federal loans, webpage 340 allows data from anactual financial aid award letter to be downloaded and inserted into theplanning tool. Such an award letter is specific to a particular school.Link 342 is provided to download the award letter. Each portion of theaward is shown to the user and is able to be selectively included orremoved from the funding plan, area 344.

Often, when a user has reached the stage of having an actual financialaid award, the student has multiple educational institutions from whichto choose. If financial aid has been applied for at each of theprospective institutions, separate financial aid awards and theircorresponding letters are often available for each of the prospectiveinstitutions. Each individual award letter is downloaded via webpage340. As shown in FIG. 35, web page 350 provides a side-by-sidecomparison of the costs 352, financial aid 354, and net annual costs 356for each institution. Accordingly, a user can view the net annual costsand more easily make an assessment of the relative costs and value beingconsidered.

As previously discussed, webpages 200, 210 provide guidance regardingloan obligations, expected salary, and a categorization of the risk ofdefault on the student loans. Webpage 360, FIG. 36, provides analternative interface for planning payment. Additionally, webpage 360can be used for review and maintenance of actual loan obligations.Review and maintenance of actual loan obligations is achieved throughthe download of actual loan information 362 via webpage 340 orotherwise. Webpage 360 allows a user to calculate every availablerepayment option for their loans. Webpage 360 also provides for theimplementation of selections such that decisions made on webpage 360 areimplemented to affect the payment schedule of the loans. Webpage 360further acquires salary and other financial information 364 to allow forthe loan obligations and payment options to be put into context of thecash-flow of the usually-graduated student. Guidance is provided onchoosing a repayment option that is at least partially dependent uponthe student's former course of study and anticipated currentpost-graduation needs. Furthermore, the guidance takes into account whattype of graduate, undergraduate, medical, legal, etc, is being guided.

While this disclosure has been described as having an exemplary design,the present disclosure may be further modified within the spirit andscope of this disclosure. This application is therefore intended tocover any variations, uses, or adaptations of the disclosure using itsgeneral principles. Further, this application is intended to cover suchdepartures from the present disclosure as come within known or customarypractice in the art to which this disclosure pertains.

What is claimed is:
 1. A method of managing loans including:electronically importing a loan portfolio of a user; providing for thedisplay of a plurality of repayment options for the loan portfolio;receiving input indicative of the choosing of one of the repaymentoptions by a user; and automatically implementing the chosen repaymentoption for the user in response to receiving the input.
 2. The method ofclaim 1, further including the step of providing for display of afinancial profile of the user, the financial profile including incomeand expense information for the user.
 3. The method of claim 2, whereinthe step of providing for the display of a plurality of repaymentoptions includes providing that the costs associated with the pluralityof repayment options are integrated and displayed with the income andexpense information.
 4. The method of claim 1, wherein the loanportfolio is a student loan portfolio containing at least oneeducational loan.
 5. The method of claim 1, wherein the electronicallyimported loan portfolio includes real-time loan amounts.
 6. The methodof claim 1, further including prompting a user to input financialprofile information.
 7. The method of claim 1, further includingdisplaying a payment plan currently in effect.
 8. The method of claim 7,wherein the displaying the payment plan currently in effect is performedso as to display the plan currently in effect alongside one or more ofthe repayment options.
 9. The method of claim 1, further includingdisplaying a total expected cost associated with each displayedrepayment option.
 10. The method of claim 1, wherein the plurality ofrepayment options include a monthly repayment amount.
 11. A computerreadable medium containing non-transitory instructions thereon, thatwhen interpreted by at least one processor cause the at least oneprocessor to: electronically import a loan portfolio of a user; providefor the display of a plurality of repayment options for the loanportfolio; receive input indicative of the choosing of one of therepayment options by a user; and automatically implement the chosenrepayment option for the user in response to receiving the input. 12.The computer readable medium of claim 11, wherein the processor isfurther caused to provide for display of a financial profile of theuser, the financial profile including income and expense information forthe user.
 13. The computer readable medium of claim 12, wherein theproviding for the display of a plurality of repayment options includesproviding that the costs associated with the plurality of repaymentoptions are integrated and displayed with the income and expenseinformation.
 14. The computer readable medium of claim 11, wherein theloan portfolio is a student loan portfolio containing at least oneeducational loan.
 15. The computer readable medium of claim 11, whereinthe electronically imported loan portfolio includes real-time loanamounts.
 16. The computer readable medium of claim 11, wherein theinstructions further cause the processor to prompt a user to inputfinancial profile information.
 17. The computer readable medium of claim11, wherein the instructions further cause the processor to display apayment plan currently in effect.
 18. The computer readable medium ofclaim 17, wherein the displaying the payment plan currently in effect isperformed so as to display the plan currently in effect alongside one ormore of the repayment options.
 19. The computer readable medium of claim11, wherein the instructions further cause the processor to display atotal expected cost associated with each displayed repayment option. 20.The computer readable medium of claim 11, wherein the plurality ofrepayment options include a monthly repayment amount.